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Tim Knight Says One Line Is Holding the Entire Rally Together
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ticker lesson
Breakdown
0:00INQ· ticker
INQ up 0.25% after breaking ascending trend line
- Fund stopped on Friday
- Last big fall occurred
- Opening weak yesterday and rallied
- Opening weak today and rallying
- Resistance zone formed by broken trend line and horizontal support
2:10SMH· ticker
SMH support line holding strongly
- Support line is a firm wall against selling
- Price broke through trend line
- Support line is where buyers are clustered
- Brief dip from Leopold Ash and Berner wipeout
- Support line is key for bulls
4:00lesson
Market in stasis awaiting earnings catalysts
- No clear impetus for market direction
- Earnings reports from Netflix, Meta, Tesla, SpaceX
- Economic data after CPI is limited
- Market needs earnings to provide theme
- Divergence in S&P, NASDAQ, and crude oil
6:03crude oil· ticker
Crude oil meandering with recent reversal
- Crude oil reversed completely
- Intraday high at multi-week level
- Down 2.5% from peak
- Uptrend still in place
- Break of trend line would shatter strength
8:04SpaceX· ticker
SpaceX at 150 with strong support
- Stock is dull with long periods of boredom
- Big rally after IPO, then collapse, then recovery
- Support line around 150 is magnet for prices
- Potential for news to move stock
- Long-term bull but short-term uncertain
10:05Tesla· ticker
Tesla approaching resistance with high valuation
- Tesla has lower implied volatility than SpaceX
- Expected to fall tomorrow
- Approaching resistance zone
- Still richly valued
- No position in Tesla
11:48SpaceX· ticker
SpaceX implied volatility at 10%
- Implied volatility at 10%
- Expected higher volatility
- Synergies between Tesla and SpaceX
- Potential merger discussed
- Long-term possibility of merger
13:46UFO· ticker
UFO ETF looking bearish
- UFO ETF is bearish
- SpaceX is a tiny corner of the space sector
- Other space companies like Planet Labs are risky
- UFO as a group is dangerous
- Potential for bearish move
13:47lesson
Market reaction to election outcomes
- Election day could impact SpaceX and Tesla
- Host will monitor futures for market reaction
- Markets react more honestly than commentators
- Government contracts are key for both companies
- Positioning around election period
13:48futures· ticker
Futures show strong market turnaround
- E-mini S&P up 43 points
- NASDAQ up 100 points
- Russell up 46 points
- Dow up 600 points
- Volatility down, yields down
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